Wednesday, Sept. 7, 2011 | 12:16 p.m.
About $10.6 million in historic tax credit equity — including $5.5 for construction costs — is expected to be brought in over the next five years to help pay for the $42 million Mob Museum in downtown Las Vegas.
That funding is being secured thanks to action taken today by the Las Vegas City Council along with efforts by the 300 Stewart Avenue Corp., the nonprofit organization overseeing the museum.
The Mob Museum, which is being constructed in the former post office and federal building at 300 Stewart, is thought to be the largest project to receive historic tax credits in Nevada, according to the state Historic Preservation Office.
Because the funds won't be available until next year, part of today's council action was to reallocate to the museum $2.5 million in funds previously set aside for the Regional Public Safety Complex so the museum construction costs can be paid this year.
Under today's action, the city will be compensated for the $2.5 million in 2012, when the city receives $5.5 million in tax credit equity for its role as developer of the Mob Museum.
The remaining amount of the $10.6 million in historic tax credit equity will be distributed to an affiliate of the nonprofit 300 SAC, which is expected to manage the museum when it opens next year. The museum's construction funding is coming through a variety of sources: local, state and federal grants, matching grants and the city's redevelopment agency.
The Mob Museum, dedicated to the history of organized crime and law enforcement, will feature interactive exhibits when it opens Feb. 14, 2012. Much of the focus has been on how law enforcement defeated and continues to battle organized crime.
The 41,000-square-foot museum is expected to draw hundreds of thousands of tourists to the downtown area when it opens.
It includes about 16,800 square feet of exhibition space on three floors in addition to a specialty retail store, special event areas, educational areas and office space.
- Preservationists ponder impact of Lady Luck footbridge on Mob Museum (7-27-2011)
- Tourism officials updated on progress of Mob Museum (10-13-2010)
- Mob museum gets about $15,000 more from state (10-6-2010)
- State pulls historic preservation grants to projects, including Mob Museum (9-21-2010)
- Mob Museum gets $500,000 grant (7-30-2010)
- City approves $7.1 million for mob museum exhibits (7-7-2010)
- City council accepts $300,000 more for downtown mob museum (6-16-2010)
- Union: City spending too much on mob museum (5-25-2010)
- Goodman tours mob museum, says ‘there is no competition’ (5-25-2010)
- Downtown Mob Museum set up to be self-supporting (4-21-2010)
- Downtown museum to tell story of mob in Las Vegas, elsewhere (3-25-2010)